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Naira firms against the Dollar

21 April 2017

The Naira firmed up at the Bureau de Change (BDCs) segment on Thursday, trading at between N376 and N378 to the United States Dollar in Lagos, Abuja and Kano.

He said that the CBN will on Thursday, continue its sale of $20,000 to Bureaux de Change (BDCs) for onward sale to small end users.

The Central Bank of Nigeria (CBN) on 19 April 2017, carried out wholesale interventions in the interbank Forex market by offering a total sum of $100 million to authorized dealers to meet the 7 to 15 day forwards requests of customers.

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On Tuesday, the CBN sold $20,000 to each BDCs, up from $10,000 the previous week. Consequently, the reserve has risen by $4.8 billion since the beginning of the year.

On Tuesday, the central bank cut the amount of paperwork small and medium-size businesses must provide to buy dollars.

He said that the apex bank's move was also to check the renewed onslaught by speculators, parallel market operators and currency hoarders.

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On the official market, the currency was quoted at 306 on Thursday. It was 520 to the dollar on the black market in February after the bank devalued the naira for retail customers to 375. February's partial devaluation effectively created multiple exchange rates in Africa's biggest economy.

"The naira witnessed another somersault to a new high of N420 to the dollar in spite of the liquidity boost to the banking sector", he said.

"Whether the central bank used funding such as external debt related inflows to intervene in the forex market remains to be seen, but in general we are not convinced that the regulator will be able to sustain this trend indefinitely".

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Naira firms against the Dollar